MortgagesUndressed

I was in a social setting last night. Someone asked me what I do. Of course I told him. His response, “go gettum”. His wife is a former loan processor. They recently bought a home and had a bad experience with their mortgage. They randomly picked a mortgage broker. They got a greenie. Their loan didn’t close on time, they lost their rate, and they wished they had selected another lender. His amazement was that they thought they knew what they were doing, she being a former loan processor.

I am telling you, use a lender referred by a real estate agent. It gives you someone with experience in executing on time. It puts you high in the priority list. If you want to use someone referred to you, get them to give you an agent referral. Loan officers work on priorities if they are busy. You want to be number one on that list. The lender understanding his reputation is a stake with a real estate agent is a big factor in this.

Loan officers, if you don’t like what I preach here there is a simple solution. Give out the names of agents you work with. Ask borrowers to call them for a reference. Sure it puts you on the spot, but it also give you credibility.

If you don’t have real estate agents you can use as a reference, go to work on that problem. It took me a year working for a bank before I had a realtor step forward to use me. I worked hard getting real estate agents business. It was in my opinion the only way I would survive past the refi boom I was witnessing when I started. Yes, refi booms happen in cylces too. Another will happen we just don’t know when.

Larry Cragun